Finance. Ed.

4th ed., revised. and additional - M.: 2005. - 384 p.

Along with the coverage of the essence and functions of finance at the level of the Russian state, the problems of financial management of enterprises are revealed. The role of profit, working capital, investment activity of enterprises in the course of deepening economic reforms in Russia is considered. Modern business conditions have necessitated the allocation into special sections of the problems of financial analysis and financial strategy, as well as the financial and economic activities of financial and industrial groups (3rd edition - 1998).

For students of higher educational institutions, graduate students studying in the specialty "Finance and Credit", students of advanced training faculties, as well as scientific and practical workers.

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TABLE OF CONTENTS
1 . ESSENCE AND FUNCTIONS OF FINANCE OF THE RUSSIAN FEDERATION ....... 3
1.1. Stages of development of finance in Russia .............................. 3
1.2. Functions of Finance .................................................................. ... 15
Control questions................................................ ... 22
2. FINANCIAL SYSTEM............................................... 23
2.1. Formation of the financial system.............................. 23
2.2. Budget and budgetary device....................................... 31
2.3. Extra-budgetary funds............................................... 43
2.4. Organization, functions and types of insurance ............................. 64
2.5. The stock market as part of the financial system .......... 79
Control questions................................................ .... 83
3. MANAGEMENT OF PUBLIC DEBT ...... 84
3.1. Essence and meaning of public debt....................... 84
3.2. Government securities "as a tool for managing public debt .......... 89
3.3. Characteristic certain types government securities.............................................. 95
Control questions................................................ ... 104
4. FINANCE OF ENTERPRISES .............................................. 105
4.1. Financial relations of enterprises ....................... 105
4.2. Cash funds of enterprises ............................................... 108
4.3. Flow control Money................. 116
Control questions................................................ .. 121
5 PROFIT OF THE ENTERPRISE. ITS PLANNING AND DISTRIBUTION....................................... 122
5.1. The role of profit in the conditions of entrepreneurship development .............................................. 122
5.2. Factors affecting the amount of profit .............................. 127
5.3. The composition of the gross profit of the enterprise .................... 135
5.4. Determination of planned profit - the starting point of entrepreneurial activity .. 141
5.5. Distribution of profits in the conditions of the modern taxation system .............................................. 153
5.6. Meaning net profit remaining at the disposal of the enterprise .............................................. 157
Control questions................................................ .159
6 TAXATION OF ENTERPRISES .................................. 160
6.1. The taxation system in Russian Federation,... 160
6.2. Socio-economic essence of taxes....................... 166
6.3. Value Added Tax...................................... 168
6.4. Excises ................................................. ........... 180
6.5. Corporate Income Tax .............................................. 183
6.6. Tax on the property of enterprises of the Russian Federation .............................................. ................... 191
6.7. Other taxes paid by enterprises ...................... 196
6.8. Simplified system of taxation of small businesses .............................................................. 199
Security questions.............................................. 203
7 FINANCIAL PROBLEMS OF THE FORMATION AND USE OF WORKING ASSETS OF ENTERPRISES.. 205
7.1. Economic entity working capital enterprises ................................................. .............. 205
7.2. Organization of working capital of enterprises .......... 209
7.3. Determining the needs of enterprises in working capital .............................................................. ................. 214
7.4. Sources of formation of working capital ........... 223
7.5. Efficiency in the use of working capital..... 227
Control questions................................................ .231
8 INVESTMENT POLICY OF ENTERPRISES .............................................................. ...... 233
8.1. Principles of investment activities .............................................................................. ................... 233
8.2. Sources and methods of investment".................................. 239
8.3. The role of a business plan in the evaluation of investment projects .............................................. .................... 248
Security Questions.................................................... 256
9. FINANCIAL ASPECT OF PREPARATION OF A BUSINESS PLAN .............................................. .........................257
9.1. The concept of a business plan, its scope and conditions for development ................257
9.2. Financial aspects development of sections of the business plan of the enterprise .............................................. ......263
Security Questions................................................... 275
10. FINANCIAL PROBLEMS AND INCONVENTIONS (BANKRUPTCY) OF ENTERPRISES .............................................. 276
10.1. Financial reasons for the emergence and indicators of insolvency of enterprises .................................... 276
10.2. Directions for the financial recovery of the enterprise ....................................................... ............288
Security questions ........................,.................................. 293
11. FINANCIAL ANALYSIS AND FINANCIAL STRATEGY OF THE ENTERPRISE .................................................................294
11.1. Financial analysis at the enterprise ....................... 294
11.2. Financial strategy enterprises..............................321
Control questions................................................ 329
12 PECULIARITIES OF THE FINANCE OF A JOINT STOCK COMPANY .............................................................. ..............331
12.1. Principles of creation and activities of a joint-stock company, the role of finance ....................................................331
12.2. Capital, profit and funds of a joint-stock company .............................................. ..............335
12.3. Securities of a joint-stock company...............................340
12.4. Register of shareholders of a joint-stock company.......................352
12.5. Financial issues of reorganization and liquidation of a joint-stock company.......................................................355
Security questions..............................................360
13. FINANCIAL AND INDUSTRIAL GROUPS..........361
13.1. The economic content of the creation of financial and industrial groups in Russia .............................................361
13.2. Development priorities and governmental support financial and industrial groups ........................ 369
13.3. Financial and economic aspects of FIG activity .............................................................. .......................371
Security Questions..............................................376
Literature................................................. ...............................377

The course "Finance of enterprises" is one of the central among the special disciplines of financial specialties and specializations of higher educational institutions. This tutorial written in accordance with the course program, which includes lectures, practical lessons, student performance course project, passing tests and exams.

The peculiarity of this course is what it unites, links other financial disciplines into a single whole. Therefore, it is so important that every financier knows at least the basics of business finance.

The purpose of the textbook is to reveal the essence of enterprise finance, to show their role and place in financial science, to consider the essence of financial relations, monetary funds and cash flows. Currently, the finances of enterprises are affected by serious problems that exist in the Russian economy. The textbook shows most of these problems and their negative impact on financial relations.

Section I. Essence and organization of enterprise finance

Chapter 1. ESSENCE OF ENTERPRISE FINANCE

Chapter 2. CASH FUNDS OF THE ENTERPRISE AND THE FINANCIAL STRUCTURE OF CAPITAL. FINANCIAL LEVER

Chapter 3. CASH FLOW MANAGEMENT

Chapter 4. FEATURES OF FINANCE OF VARIOUS FORMS OF COMMERCIAL ORGANIZATIONS

Section II. Control financial condition enterprises

Chapter 5. MANAGEMENT OF WORKING ASSETS OF ENTERPRISES

Chapter 6. MANAGEMENT OF ACCOUNTS RECEIVABLE

Chapter 7. NON-CURRENT ASSETS AND DEPOSIT POLICY

7.4. Depreciation policy of enterprises

Chapter 8. INVESTMENT POLICY OF ENTERPRISES

Chapter 9. FINANCIAL INVESTMENTS OF ENTERPRISES

9.3. Briefcase valuable papers

Chapter 10. FINANCIAL INsolvency, Bankruptcy of Enterprises

Section III. FINANCIAL PERFORMANCE RESULTS OF ENTERPRISES

Chapter 11. INCOME AND EXPENSES OF ENTERPRISES

Chapter 12. MARGIN METHOD AND ANALYSIS. BREAK EVEN

Chapter 13

Chapter 14. DIVIDEND POLICY OF A JOINT STOCK COMPANY

Section IV. Relationships of enterprises with banks tttn

Chapter 16

Chapter 17. BORROWED FACILITIES OF ENTERPRISES

Chapter 18. LEASING AS A KIND OF INVESTMENT ACTIVITY

Section V. Financial planning of enterprises

Chapter 19. FINANCIAL PLANNING. BUDGETING

(Document)

Rudskaya E.N. Finance and Credit (Document)

Zhmailo A.F. Finances of an organization (enterprise) (Document)

Sheremet A.D., Saifulin R.S. Enterprise Finance (Document)

Kaderova N.N. Corporate Finance (Document)

Dmitrieva E.A. Mutual funds (Document)

Bobrova L.V., Zolotov O.I. Informatics in Management and Economics (Document)

Sergeev I.V. Business Economics (Document)

n1.doc

E.N. Gladkovskaya

Tutorial

Publishing house KnoRus

BBK U9(2)26.a7

C247
Reviewers:

Yu.V. Lysenko, Doctor of Economics, Associate Professor, Head of the Department "Economics and Management at the Enterprise", Chelyabinsk branch of the State Educational Institution of Higher Professional Education "RGTEU";
L.N. Belozerova, head financial department

OJSC "Kopeysk Machine-Building Plant"

Gladkovskaya, E.N.

C247 Finance: textbook / E.N. Gladkovskaya. - Moscow: KnoRus Publishing House, 2010. - 296 p.
ISBN

The training manual outlines the basics of organizing financial activities at the level of the state and economic entity (enterprise, organization). Updated information with reference to electronic resources O budgetary activity and the budget process in the Russian Federation, pension and social insurance and security, a description of state bodies and services that manage finances in the country and control intended use budget funds.

Particular attention is paid to the finances of organizations (enterprises): the peculiarities of financial relations and the principles of organizing the finances of enterprises of various organizational and legal forms and sectors of the economy, the formation of equity and borrowed capital, the management of fixed and working capital, the formation financial results and their assessment financial planning and drawing up estimates in the process of activity, analysis of cash flows.

To consolidate the theoretical material in the manual, questions for self-control, control tests, practical tasks with an explanation of the solution are given.

The manual is intended for students, graduate students and teachers of economic areas, specialists and heads of economic services of enterprises and organizations.

BBK U9(2)26.a7
© Publishing house KnoRus, 2010

INTRODUCTION ………………………………………………………………... I. CENTRALIZED FINANCE 1. The concept of "finance" and their functions. a brief description of financial system ……………………………………………………… 2. Budget device and budget process ……………………….. Theoretical material ………………………………………………… Questions for self-control ……………………………………………… Control test ……………………………………………………… 3. Pension insurance and provision. Activity pension fund Russia ………………………………………………………………. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 4. Social insurance and provision. Activities of the Social Insurance Fund of the Russian Federation …………………………………………….. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 5. Compulsory health insurance. Activities of the Federal and Territorial Compulsory Medical Insurance Funds …………………………………………………………………………….. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 6. State loan. State and municipal debt.. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 7. Operation of exchanges, financial and commodity markets ………… Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 8. financial policy states ……………………………………. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 9. Financial management bodies. State financial control ……………………………………………………………………. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… II. DECENTRALIZED FINANCE 10. Financial relations of enterprises and principles of their organization.. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 11. Finances of enterprises of various organizational and legal forms and sectors of the economy ……………………………………………………….. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Practical task ……..critical task ……………………………………………… 12. Finances of different sectors of the economy ……………………………….. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 13. Own and borrowed capital organizations ……………………… Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 14. Fixed capital of the organization: classification of fixed assets, methods of depreciation calculation ………………….. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… 15. Working capital of the organization: the composition of current assets, standardized and non-standardized current assets ……………………. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… Practical task …………………………………………………. 16. Management of accounts receivable and cash of the enterprise ………………………………………………….. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… Practical task …………………………………………………. 17. Composition of income and classification of expenses of the enterprise ………….. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… Practical task …………………………………………………. 18. Profit of the enterprise. Profitability assessment and break-even analysis ……………………………………………………………. Theoretical material ………………………………………………. Questions for self-control ……………………………………………… Control test ……………………………………………………… Practical task …………………………………………………. 19. Financial planning. Budgeting ………………... Theoretical material ………………………………………………. Questions for self-control ……………………………………………… REFERENCE LIST…………………………………….

7

INTRODUCTION
Finance is a part of market relations and is a tool through which the state regulates the economy. The study of the nature of financial relations, the principles and mechanism of their functioning is necessary, since any negative phenomena in financial sector(imbalance of revenues and expenditures of the state budget, violations in the payment system, etc.) affect not only the country's economy, but also affect the political and social sphere and relationships with foreign partners. Therefore, finance is an instrument of economic relations between various entities within the country and abroad: the state, legal entities and individuals, specialized institutions, banks, etc.

At the macroeconomic level, finance covers the accumulation and distribution of funds, which is carried out through the state budget and various off-budget funds. At the macro level, the state financial policy is being formed, in accordance with which budgetary funds are spent. At the microeconomic level, the formation and use of financial resources enterprises and organizations.

This tutorial covers the organization of centralized and decentralized finance. At the same time, the centralization of finance characterizes their management by the authorities. state power, features of the budget structure in the Russian Federation, the specifics of state credit relations (the system and forms of lending, the procedure for lending, processing and repayment of loans), issues of pension, social and compulsory medical insurance and security in the Russian Federation, and more. Decentralization of finance implies that they are managed by a specific economic entity (enterprise, organization). That's why Special attention this training manual is devoted to the finances of organizations (enterprises): the features of financial relations and the principles of organizing the finances of enterprises of various organizational and legal forms and sectors of the economy, the formation of equity and borrowed capital, the management of fixed and working capital, the formation of financial results and their evaluation, financial planning and drawing up estimates in the process of activity, analysis of cash flows.

This manual is intended for students of economic specialties in order to prepare for the final control in the disciplines "Finance", "Finance and credit", "The budget system of Russia", "Finance of organizations (enterprises). In order to master the material, questions for self-control, control tests, practical tasks with an explanation of the solution are given.

I. CENTRALIZED FINANCE
1. THE CONCEPT OF "FINANCE" AND THEIR FUNCTIONS.

BRIEF DESCRIPTION OF THE FINANCIAL SYSTEM
Theoretical material
The term "finance" appeared in the 13th century in trading cities Italy and comes from the Latin word "finansia", which means "any cash payment". With the development of commodity-money relations, this term became internationally widespread and began to be used as a concept associated with the system of monetary relations between the population and the state regarding the formation of state funds of funds.

Finance differs from money both in content and in the functions performed. Money is the universal equivalent by which the labor costs of producers are measured, and finance- an economic tool for the distribution and redistribution of gross domestic product and national income, an instrument for controlling the formation and use of funds of funds.

Thus, finance represent economic relations associated with the formation, distribution and use of cash funds. At the same time, the centralization of finances involves the management and disposal of them by public authorities to implement the economic, social and political tasks of the state, the decentralization of finances involves the independent management and disposal of economic entities (enterprises and organizations) in the process of activity.

Finance perform following features :

- distributive;

- control;

- regulatory.

distribution function consists in the distribution of national income and the creation of basic (primary) income. The main incomes are formed during the distribution of national income among the participants material production. They are divided into two groups: the first group includes the wages of workers, employees, incomes of farmers, peasants employed in the sphere of material production; the second group includes the income of enterprises in the sphere of material production. As a result of redistribution, secondary (derivative) incomes are formed. Secondary incomes serve to form the final proportions of the use of the national income. These are incomes received in non-manufacturing sectors (income tax individuals, income tax, etc.).

control function is manifested in control over the distribution of income received among the relevant funds, items of financing state expenditures and the distribution of funds for a strictly designated purpose, in accordance with approved budgets (payment of insurance coverage in terms of pension and social insurance, issuance of wages public sector employees, financing current expenses budget institutions and etc.).

Regulating function associated with government intervention through finances (government spending, taxes, public credit) in the process of reproduction.

Financial system Russian Federation (hereinafter referred to as RF) is a collection various areas financial relations, in the process of which centralized and decentralized funds of funds are formed and used. At the same time, the centralization of finance involves the regulation of financial relations and the disposal of financial resources directly by public authorities. Decentralized finance involves the management and disposal of funds of funds that are formed in the process of carrying out activities by a specific economic entity (at the same time, state influence is also manifested, which is manifested in the regulation of financial relations by the state through norms, regulations, tax rates, mandatory contributions to the budget and extra-budgetary funds, but economic entities independently dispose of financial resources).

The financial system of the Russian Federation includes the following links of financial relations (Fig. 1):

- the budget system;

– state funds (extrabudgetary and budgetary);

- state credit;

– insurance;

- finances of enterprises of various forms of ownership and sectors of the economy.

The budget system of the Russian Federation is the totality of the federal budget, the budgets of the constituent entities of the Russian Federation, local budgets and the budgets of state off-budget funds, based on economic relations and state structure of the Russian Federation, regulated by Russian legislation.

Thus, the budget system of the Russian Federation includes budgets of three levels, of which the first level forms the federal budget of the Russian Federation, the second - regional budgets or budgets of subjects of the Russian Federation (these are the budgets of the republics within the Russian Federation, regional, regional budgets, budgets of autonomous regions, districts and city budgets of Moscow and St. Petersburg), the third level is formed by local budgets (these are the budgets of municipal districts, the budgets of urban districts, the budgets of intracity municipalities federal cities of Moscow and St. Petersburg, as well as the budgets of urban and rural settlements).

Rice. 1. Scheme of the financial system of the Russian Federation
All these budgets function autonomously, that is, local budgets with their incomes and expenditures are not included in regional budgets, and the latter are not included in the federal budget. But the Budget Code defines the concept of a consolidated budget. Consolidated budget- this is a set of budgets of the budgetary system of the Russian Federation in the corresponding territory (with the exception of the budgets of state non-budgetary funds) without taking into account interbudgetary transfers between these budgets. For example, the unification of the budgets of different regions, regions, autonomous districts will be a consolidated budget of the constituent entities of the Russian Federation.

State funds have a specific purpose:

– expand social policy in the country;

- to stimulate the development of backward sectors of infrastructure, to provide additional resources to priority sectors of the economy.

State funds include off-budget and budget funds.

State non-budgetary funds are created on the basis of the relevant acts of the highest authorities, which regulate their activities, indicate the sources of formation, determine the procedure and directions for the use of monetary funds. Extra-budgetary funds are an integral part of the financial system of the Russian Federation and have a number of features:

- are planned by state authorities and administrations and have a strictly targeted focus;

- relations related to the calculation, payment and collection of contributions to funds are determined by the Budget Code of the Russian Federation;

- the money resources of the funds are used to finance public expenditures not included in the budget;

- are formed mainly at the expense of compulsory insurance contributions (until 2010 - at the expense of the unified social tax), paid by employers from the wage fund;

- the financial resources of the funds are state-owned, they are not part of the budgets and other funds, they are not subject to withdrawal for any purposes not expressly provided for by law.

Extra-budgetary funds in the financial system of the Russian Federation are created and operate in accordance with the Budget Code of the Russian Federation (Federal Law No. 145-FZ of July 31, 1998) (Part II, Chapter 17). main reason their creation is the need to determine the costs that are important for society and provide them with independent sources of income. The resources of these funds are not included in the budgets of all levels, they are in federal ownership.

As part of extrabudgetary funds included :

– State non-budgetary funds (Pension Fund of the Russian Federation, Social Insurance Fund, Federal Compulsory Medical Insurance Fund);

– Territorial state non-budgetary funds (Territorial Funds of Compulsory Medical Insurance).

Thus, off-budget funds are state funds of funds managed by state authorities of the Russian Federation and intended for the implementation of the rights of citizens to social Security by age, illness, disability, in case of loss of a breadwinner, the birth and upbringing of children, upon receipt of free medical care etc. These financial resources are at the disposal of central or local public authorities and have a designated purpose.

Extra-budgetary funds are formed from:

- mandatory insurance payments in the amount established for the relevant fund (paid from the payroll fund);

– voluntary contributions of individuals and legal entities;

- appropriations from the federal budget;

– other income not prohibited by law.

The activities of off-budget funds implement the rights of citizens to pension, social and medical insurance and security. In this connection, the subjects of compulsory insurance in the Russian Federation are:

- federal government bodies;

- the insurer, which is the relevant Fund (Pension, Social Insurance, Compulsory Medical Insurance, etc.);

– policyholders, represented by employers making payments to individuals (organizations, individual entrepreneurs, as well as individuals on a voluntary basis);

- insured persons - citizens of the Russian Federation, as well as foreign citizens residing in the territory of the Russian Federation and stateless persons working on employment contract, contract, copyright and license agreement; self-employed (individual entrepreneurs, private detectives, notaries in private practice, lawyers); persons who are participants in peasant (farmer) households; working outside the territory of the Russian Federation in case of payment of voluntary insurance premiums in the territory of the Russian Federation, unless otherwise provided by an international treaty of the Russian Federation; persons engaged in traditional economic sectors in the North; other categories of citizens.

Draft budgets of off-budget funds in the Russian Federation are compiled by the management bodies of the corresponding fund, then transferred by the bodies executive power for consideration by the legislature. The funds' budgets are approved by the Federal Assembly simultaneously with the adoption of the law on the federal budget for the next financial year. The budgets of territorial off-budget funds are considered by the legislative bodies of the constituent entities of the Russian Federation and are approved simultaneously with the adoption of laws of the constituent entities of the Russian Federation for the next financial year. The execution of the budgets of state off-budget funds is carried out by the Federal Treasury of the Russian Federation.

Part budget funds states include the Reserve Fund and the National Welfare Fund.

reserve fund is part of the federal budget and is designed to ensure that the state fulfills its spending obligations in the event of a decrease in oil and gas revenues to the federal budget. The resources of the reserve fund are subject to separate accounting and management for the purposes of oil and gas transfer in case of insufficient oil and gas revenues to finance the said transfer (with the exception of the period from 01/01/2010 to 01/01/2013, when separate accounting of oil and gas revenues of the federal budget will not be carried out).

The Reserve Fund contributes to the stability of the country's economic development by reducing inflationary pressures and reducing the dependence of the national economy on fluctuations in revenues from the export of non-renewable natural resources. This fund actually replaced the Stabilization Fund of the Russian Federation and, unlike the Stabilization Fund of the Russian Federation, in addition to federal budget revenues from oil production and exports, sources for the formation of the Reserve Fund are also federal budget revenues from gas production and exports. Since January 1, 2010, the formation of the reserve fund has been suspended until 2012-2013.

Since 2008, oil and gas revenues have been accounted for separately from other federal budget revenues. Oil and gas revenues of the federal budget are formed from:

– tax on the extraction of minerals in the form of hydrocarbon raw materials (oil, combustible natural gas from all types of hydrocarbon deposits, gas condensate from all types of hydrocarbon deposits);

– export customs duties for crude oil;

– export customs duties on natural gas;

– export customs duties on goods produced from oil;

- income from the management of the Fund's assets (from 01.01.2010 to 01.02.2012, income from the management of the Reserve Fund's assets is not credited to the Fund, but is directed to financial support for federal budget expenditures).

A certain part of these oil and gas revenues in the form of an oil and gas transfer is annually directed to finance federal budget expenditures. Oil and gas transfer represents part of the federal budget funds used to finance the federal budget's non-oil and gas deficit at the expense of federal budget oil and gas revenues and the Reserve Fund.

The amount of the oil and gas transfer is approved by the federal law on the federal budget for the next financial year and planning period.

The volume of the oil and gas transfer is set as a percentage of the forecasted volume of gross domestic product for the corresponding year:

– in 2008 – 6.1%;

– in 2009 – 5.5%;

– in 2010 – 4.5%;

After the formation of the oil and gas transfer in full, oil and gas revenues go to the Reserve Fund. The normative value of the Reserve Fund is approved by the federal law on the federal budget for the next financial year and planning period. Until 01.01.2010, this figure was ten percent of the volume of gross domestic product forecast for the corresponding year. After filling the Reserve Fund to the specified amount, oil and gas revenues were sent to the National Welfare Fund.

From 01/01/2010 to 01/01/2013, the formation of the normative value of the Reserve Fund is suspended. This value is not determined, the oil and gas revenues of the federal budget are not used to financially support the oil and gas transfer and to form the Reserve Fund and the National Wealth Fund, but are directed to financial support for federal budget expenditures.

national wealth fund formed by the Budget Code of the Russian Federation and is intended to become part of a sustainable mechanism for providing pensions to citizens of the Russian Federation for the long term. This Fund is a part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of citizens of the Russian Federation, as well as to ensure a balance (deficit coverage) of the budget of the Pension Fund of the Russian Federation. But from 01/01/2010 to 01/01/2013, separate accounting has been canceled.

Until 2010, the National Wealth Fund was formed at the expense of:

– oil and gas revenues of the federal budget in an amount exceeding the amount of the oil and gas transfer approved for the corresponding financial year, if the accumulated amount of the Reserve Fund reaches (exceeds) its standard value;

– income from the management of the funds of the National Welfare Fund.

The first type of the Fund's income source was canceled until 01.01.2013, the second - until 02.01.2012.

Management of the resources of the Reserve Fund and the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation.

State loan as a link in the financial system of the Russian Federation is a special form of credit relations between the state and legal entities or individuals, in which the state acts as a creditor, borrower or guarantor. All types of loans are urgent and are provided on a paid basis (with payment of interest for use).

Finances of enterprises of various organizational and legal forms and sectors of the economy form the predominant part of the financial resources of the state budget through the payment of taxes, fees and mandatory payments. Depending on the organizational and legal forms, there are joint-stock companies, limited liability companies, municipal and unitary enterprises, public organizations, religious organizations, associations of enterprises in the form of associations and unions. A description of the finances of enterprises of various organizational and legal forms and sectors of the economy is given in the textbook below.

Thus, the financial system of the Russian Federation is a complex system of different links of financial relations, which combines state (centralized) finance and enterprise finance (decentralized) to achieve various goals and objectives of the state.
Questions for self-control
1. What is the content of the distribution function of finance?

2. What state revenues are primary and which are secondary?

3. What is the regulatory function of finance?

4. What does the centralization of financial relations imply?

5. What links are included in the financial system of the Russian Federation?

6. Due to what sources of funds are incomes of non-budgetary funds formed?

7. What funds are included in the budget funds?

8. What is the purpose of the State Reserve Fund?

9. Which government body is responsible for managing the Reserve Fund and the National Welfare Fund?

10. What organizational and legal forms of enterprises and organizations are private businesses?

control test
1. Finance is:

a) a system of economic relations in the process of which the formation, distribution and use of centralized and decentralized funds of funds takes place;

b) a set of purchasing, payment and accumulated funds serving economic relations;

c) the universal equivalent, by which the labor costs of producers are measured.

2. Which of the presented functions of finance is associated with the influence of the state on all spheres of relations between enterprises and organizations (in particular, the organization economic activity, choice of tax regime, payment of taxes, fees, etc.):

a) distributive;

b) control;

c) regulating.

3. The composition of the links of the financial system of the Russian Federation includes:

a) Fund for Financial Support of the Regions, state credit, extra-budgetary funds;

b) the state budget, state credit, state funds, insurance, finances of economic entities;

c) budgetary and financial-credit systems.

4. The composition of state off-budget funds does not include:

a) the Pension Fund of the Russian Federation;

b) federal Service on labor and employment;

c) The Federal Compulsory Medical Insurance Fund.

5. The role of the insurer in the system of compulsory state insurance is performed by:

a) persons paying mandatory insurance premiums from the wage fund for working citizens;

b) non-profit organizations represented by the Pension Fund of the Russian Federation or the Compulsory Medical Insurance Fund of the Russian Federation, which implement social policy in the country and pay different kinds allowances;

c) individuals receiving various types of benefits from extra-budgetary funds.

2. BUDGET DEVICE AND BUDGET PROCESS
Theoretical material
Budget device in the Russian Federation- this is the organization and principles of building the budget system, which are regulated by the Budget Code of the Russian Federation (dated July 31, 1998 No. 145-FZ).

The budget structure of the Russian Federation combines key positions, such as:

- the composition of the budget system of the Russian Federation;

– principles of the budget system of the Russian Federation;

- the composition of the budget classification of the Russian Federation.

budget system state is called the totality of budgets of all levels, which is a system based on certain economic relations and legal norms.

The structure of the budget system is determined form state structure , which refers to the internal structure of the state, its division into constituent parts and the system of relationships between them based on the distribution of power and sovereignty between the center and territorial entities.

According to the form of government, countries are divided into two groups:

- simple (unitary);

Litovskikh A.M., Shevchenko I.K.
Finance, money circulation and credit
Tutorial. Taganrog: Publishing House of TRTU, 2003.

This manual presents the basics of financial relations, the mechanisms of monetary circulation and the system credit services formed in the financial space of Russia.

The manual contains generalized theoretical and practical knowledge on the study of the practice of financial relations in Russia and is designed for students of all forms of education.

This guide is electronic version books:
Litovskikh A.M., Shevchenko I.K.. Finance, money circulation and credit. Tutorial. Taganrog: Izd-vo TRTU, 2003. 135 p.

(C) Taganrog State
Radiotechnical University, 2003.
(C) Litovskikh A.M., Shevchenko I.K., 2003.

Introduction

The textbook "Finance, monetary circulation and credit" is a course of lectures on the analysis Russian model financial and monetary relations, read by the authors in TSURE.

The course "Finance, monetary circulation and credit" is the main one in the cycle financial disciplines taught to students of specialties "Management" and "Economics and management at the enterprise".

In the course "Finance, monetary circulation and credit" students will get an idea about public finance and the budgetary policy of the state, about the segments of the financial market:

Market loan capital;
- stocks and bods market;
- structure credit system and off-budget funds.

The main attention is paid to revealing the essence of the modern monetary and foreign exchange policy of Russia.

The study of the modern monetary model and financial relations in Russia will help managers to correctly navigate in the modern, economic policy to make decisions adequate to the economic situation in the country.

Bibliographic list

To insure transactions in national insurance companies, as well as those measures that are aimed at maintaining the currency stability of the state. Bans on local banks to finance unauthorized imports, as well as legal measures obliging foreign participants to reinvest part of the profits received there, are not subject to restrictions. However, government requirements to prohibit the payment of dividends to foreign shareholders who participate in these companies in accordance with local legislation fall under the prohibitive practice. Therefore, restrictions are those actions that limit payments for current international transactions. Passive control measures, such as the obligation to provide statistical data to the authorities, do not fall under the concept of restriction. Restrictions relating to the international movement of capital are permissible without the consent of the Fund. Although in some cases it is difficult to discern the difference between current transactions and the transfer of capital. Thus, Article XXX(e) gives the concept of "payments for current transactions." These include mainly foreign trade payments, payments for the provision of international services and transfers of funds in the amount of the living wage. This item also includes interest payments, loan repayments, net foreign investment income, depreciation payments, and payments in connection with "short-term banking and credit transactions". The Treaty does not provide definitions for such important concepts as “capital” and “current transfer”. The treaty uses the term "transfer" in relation to both current international payments and international capital flows. The movement of capital and current international payments and transfers should be carefully distinguished from each other in practice. IMF member countries that have committed to converting their national currency and limit their current payments must obtain the consent of the Fund. Its consent must also be obtained by member countries with a special status if they intend to introduce "new restrictions." To do this, you must submit a written application with justification. The decision on it is made by the Executive Directorate, and it must be taken immediately. 4.2. Ways to harmonize the positions of the Fund and the participating countries. Consultations. The IMF uses this form to encourage its members to meet their obligations. At the same time, the consultation procedure makes it possible to prevent and detect violations in advance. Performance. Translated as "notice" and as "submission". Since views go beyond "informal" notifications, then we are talking specific submissions from the Fund to the Member State concerned. The Fund resorts to submission when a Member State's violations become repeated despite prior notices. As a last resort, the Fund may publicly denounce the practice of a member state in its report. However, the Foundation has never taken advantage of this opportunity. Voluntariness. The powers of the Fund mentioned above may appear to be inoperative, but this keeps Member States, as sovereigns, able to adapt and bring their rules into line with those of international law. Therefore, it can be assumed that the Member States, in principle, share the view that it is necessary to observe the rules of the game determined by the Fund, guided not only and not so much by legal and ethical reasons in accordance with international legal principle, but also by virtue of the awareness of the need to rely on mutual respect. interests of each other, as well as the sense of solidarity inherent in the members of the same community. Refusal to provide funds. It is used in cases where all previous measures have not worked. Alexander Kafka, former Executive Director Fund in the late 70s characterized the effectiveness of this measure as follows: “Despite the existence of other “sanctions”, the refusal to provide the Fund’s funds turned out to be the only effective measure. She gained even more in strength if the Fund was supported by other creditors. In practice, the Fund rarely applied this sanction. In 1948 France was denied funds because it had changed its currency parity without the Fund's prior consent. Exclusion from the Foundation. It is the strongest impact. Only once did the Fund use this means, excluding Czechoslovakia from the community. The Fund may deprive the violating country of the right to receive loans. If it does not stop its practice within a reasonable time, then the question of exclusion of the country from the Fund is raised. This rule is not mandatory. It only gives the Fund the opportunity to make a decision at its own discretion, taking into account many circumstances. In 1978, Cambodia was deprived of the right to use loans due to its inability to repay them, in 1985 - Vietnam and Guiana, in 1986 - Liberia and Sudan. At the same time, the Fund showed clear inaction when the United States in May 1971. closed the "golden window" and following the Netherlands, Germany and other countries, many states introduced "floating exchange rates". This was contrary to the provisions of Article IV of the Treaty on the IMF. However, the Fund only in 1974. determined his position on this issue. Prior to this, the Fund only took note of the decisions of the member countries of the Fund on the introduction of floating rates, neither approving nor condemning them. From this we can draw some conclusions. Rules of law and conflict of laws, in particular, are designed to protect the state, whether they are members of the IMF or not. However, it should be remembered that the current level of interrelations and interdependences of states, their politics, economics is such that the responsibility of each participant in the sphere of world trade and international finance increases immeasurably. Therefore, their national interests and the interests of the world community as a whole no longer contradict each other so much as complement each other. And this does not remain without consequences for conflict of laws. The goals of international monetary law do not become pointless after the adoption of Article VIII, Sec. 2(c). Monetary cooperation should manifest itself in the framework of private transactions. The application of foreign exchange law has been done away with, which has already become an axiom. It has already become not entirely justified to strengthen the bastions of national law. On the other hand, one cannot agree that all problems disappear with the application of foreign exchange law. Being the subject of regulation of currency law, private cross-border relations between the debtor and the creditor become no less the objects of economic and general political decisions. States inclined to rigid and careful regulation of international payments and capital movements will not have an advantage over states that make do with a minimum of foreign exchange regulation or limit themselves to taking measures only in extreme cases. This, in the end, is the subject of politicians in the sphere of politics itself, economics, and culture. Control questions. 1. Describe international finance as a way to resolve the contradiction of the isolation of national producers. 2. What forms the trend of equalization of world prices for goods on the world market? 3. What is the need for supranational regulation of financial and credit relations in Russia? 4. Give the concept of private international monetary law, international (public) monetary law, international financial law. 5. Name the international financial and credit organizations in which Russia is a member. 6. What organizational and financially independent institutions form the structure of the World Bank? Their goals and objectives? 7. What are the characteristics of a freely convertible currency? Give examples of freely convertible currencies. 8. Describe the stages of formation of the world monetary system (gold standard, gold exchange standard, Bretton Woods monetary system, European monetary system). 9. What are the methods of regulation of exchange rates. 10. What was the starting point for the development of international payments, cooperation in the monetary sphere? 11. In what areas is the coordination of the positions of the International Monetary Fund and member countries taking place? Test for the section "International and local finance" 1. The totality of all entities that manage finances is called 1. 1. financial management 1.2. financial asset 1.3. financial apparatus 1.4. financial analysis 1.5 no correct answers 2. The concepts of "financial management" (FM), "economic management" (UE) are related as follows 2.1. UE UV 2.2. UV UE 2.3. CE FM 3. The main instruments of intervention in the economy are government spending, which can create additional demand. This is typical for the following type of financial policy 3.1. planning and directive 3.2. classical 3.3. regulating 3.4. neoconservative regulatory 3.5. no correct answers 4. Corporate finance management bodies are directly referred to 4.1. State Duma 4.2. President of the Russian Federation 4.3. Ministry of Finance 4.4. Central Bank of the Russian Federation 4.5. Ministry of Trade and Economic Development 4.6. Head of the enterprise 4.7. Chief accountant 4.8. financial manager 4.9.) all answers are correct 5. The principle, which expresses the presence of own sources of income for the local budget, determined in accordance with the legislation of the Russian Federation, states that when spending funds, the local budget proceeds from its own expediency. It's called 5.1. completeness principle 5.2. the principle of unity 5.3. the principle of publicity 5.4. principle of independence 5.5. principle of responsibility 5.6. no correct answers 6. Own revenues of the local budget include 6.1. subsidies from the higher budget 6.2. car parking fee 6.3. deductions from personal income tax 6.4. subventions 6.5. resort tax 6.6. funds received from the financial support fund 6.7. revenues from the lease of municipal property 7. Expenditure items of the budget of the city of Vladivostok are 7.1. Expenses for holding elections of the governor of Primorsky Krai 7.2. improvement of the territories of Vladivostok 7.3. security public order 7.4. expenses for the management of municipal property 7.5. financing of secondary education 7.6. disposal of radioactive waste 7.7. servicing the debt of Vladivostok 7.8. support for the fishing industry of the region 8. Can the municipality attract financial resources on a credit basis to cover the local budget deficit 8.1. yes 8.2. no 9. The municipal government chooses a bank for settlement and cash services of the local budget 9.1. in accordance with Decree of the Government of the Russian Federation 9.2. independently 9.3. proceeding from the directive of the Central Bank of the Russian Federation 9.4. no correct answers 10. Draft budget of the municipality local authorities 10.1. develop in accordance with a unified budget classification based on the Federal Law "On the budget classification of the Russian Federation" dated August 15, 1996 No. 115-FZ (with amendments and additions) 10.2 develop and approve their own budget classification based on the characteristics of the local budget 10.3. generally do not use the budget classification adopted by federal law, tk. the local budget differs significantly from the federal budget in terms of volume and nature 10.4. no correct answers 11. Long-term financial assistance to poorer countries at lower interest rates is provided 11.1. International Financial Corporation 11.2. International Development Association 11.3. International Monetary Fund 11.4. no correct answers 12. Gradual loss of gold monetary functions called 12.1. devaluation 12.2. remonetization 12.3. revaluation 12.4. demonetization 13. An international monetary facility created by the IMF is called 13.1. ECU 13.2. SDR 13.3. EURO 13.4. Eurodollar 13.5. petrodollar 14. The price of the monetary unit of one country, expressed in the currency of another country, is called 14.1. currency parity 14.2. currency basket 14.3. exchange rate 14.4. no correct answers 15. The main features of the Bretton Woods monetary system are 15.1. all countries fixed their currencies against the dollar and against gold 15.2. the US dollar and the pound sterling played the role of a base for establishing the parities of all other currencies of the capitalist countries 15.3. exchange rate deviation was allowed within one percent 15.4. the dollar was exchanged for gold at the official price of $35 per troy ounce 15.5. all answers are correct 16. Devaluation of the national currency 16.1. stimulates exports 16.2. stimulates imports 16.3. does not affect exports and imports in any way 17. Buying and selling by the CBR foreign exchange to maintain or increase the exchange rate of the national currency is called 17.1. discount policy 17.2. currency intervention 17.3. currency restriction 17.4. no correct answers 18. The IMF seeks 18.1 to limit the convertibility of member countries' currencies for the purposes of international economic turnover 18.2. practically implement full convertibility of the currencies of its members for unhindered international economic turnover 18.3. The IMF does not deal with the problems of currency convertibility at all, performing only the role of the world economic stabilizer 18.3. no correct answers 19. In order to prevent and uncover violations of IMF member countries, this organization uses the following method of coordinating positions 19.1. exclusion from the fund 19.2. consultations 19.3. refusal to provide funds 19.4. no correct answers Plans of seminars. Topic 1. Finance as an economic category. 1. The economic essence of finance. Functions of finance. 2. Features of the formation of financial relations in Russia in the 90s. 3. Causes and consequences of the financial crisis in Russia in August 1998. 4. Foreign experience anti-inflationary regulation and the possibility of its application in Russia. 5. Monetary and non-monetary factors of financial stabilization. Literature: 1. Finance. Money turnover. Credit: Textbook / Ed. L.A. Drobozina. - M .: Finance. IO "UNITI", 1997. -477 p. 2. Finance: Textbook / Ed. V.M. Rodionova. - M.: Finance and statistics, 1995. - 431 p. 3. Dadashev A.Z., Chernik D.G. The financial system of Russia: Textbook. - M.: Infra-M, 1997. 4. Finance: Textbook / Ed. prof. A.M. Kovaleva. - M.: Finance and statistics, 1997. - 336 p. 5. General theory Finance: Textbook / Ed. L.A. Drobozina. - M .: Banks and exchanges: UNITI, 1995. -256 p. 6. Simanovsky A.Yu. Financial and banking sector of the Russian economy: issues of formation and use. - M., 1995. Topic 2. The budget system of Russia. 1. Principles of building the budget system of Russia. Concept of the consolidated budget. 2. Budget process and budget structure. 3. Interbudgetary relations, problems of budgetary federalism. 4. Budget Code of the Russian Federation, its assessment. Literature: 1. The Budget Code of the Russian Federation. - M.: Association of Authors and Publishers "TANDEM". EKMOS Publishing House. - 1998. - 128 p. 2. Law of the Russian Federation "On the basics of the budget structure and budget process in the RSFSR" dated 10/17/91. 3. Budget process in the Russian Federation: Textbook / L.G. Baranova, O.V. Vrublevskaya and others - M.: INFRA-M, 1998. - 222 p. 4. Evaluation of the Budget Code of the Russian Federation // Questions of Economics. -1998. - No. 10. 5. Vavilov Yu.Ya. Issues of public debt in the Budget Code of the Russian Federation // Finance. - 1999. - No. 7. - c.23-26. 6. Bolshakov N.S. The need to improve the budget system // Finance. - 1999. - No. 7. - c.19-21. 7. Romanenko A.I. Implementation of the principles of budgetary federalism by federal treasury bodies // Finance. - 1998. - No. 10. - c.16-19. 8. Maksimova N.S. About the reform interbudgetary relations in the Russian Federation // Finance. - 1998. - No. 6. 9. Ulyukaev A.V. The system of interbudgetary relations in the Russian Federation // Finance. - 1998. - No. 2. - c.13-16. 10. Igudin A.G., Poponova N.A. Some problems of interbudgetary relations in Germany and Russia // Finance. - 1999. - No. 4. - c.49-53. 11. Chichelev M.E. On the restructuring of the budgetary system // Finance. - 1999. - No. 5. - c.21-24. Topic 3. State budget. 1. State budget, its economic nature. 2. Budget classification, concept, composition. 3. Income and expenses of the Federal budget of the Russian Federation, their structure, social orientation. 4. Sources of financing the federal budget deficit. 5. Budget sequestration, concept, implementation mechanism (Russian and world experience). Literature: 1. The federal law ABOUT federal budget for 1999 // Russian newspaper. - 25.02.99. 2. Federal Law On Budget Classification, 1996. 3. Federal Law On Financial Bases local government in the Russian Federation // Economics and Life. - 1997.- No. 41. 4. Pankin M.A. Does Russia need sequestration? // Finance. - 1998. - No. 11. - c.12-15 5. Rodionova V.M. Modern requirements to the budgetary legislation // Finance. - 1998. - No. 7. 6. Rodionova V.M. Problems of improving the budgetary legislation of the Russian Federation // Finance. - 1997. - № 4. Topic 4. Organization of public finances: management and control. 1. Financial management. 2. Financial policy of the state. Types of financial policy. 3. Financial control. Literature: 1. Finance. Money turnover. Credit: Textbook / Ed. L.A. Drobozina. - M .: Finance. IO "UNITI", 1997. -477 p. 2. Finance: Textbook / Ed. V.M. Rodionova. - M.: Finance and statistics, 1995. - 431 p. 3. Dadashev A.Z., Chernik D.G. The financial system of Russia: Textbook. - M.: Infra-M, 1997. 4. Finance: Textbook / Ed. prof. A.M. Kovaleva. - M.: Finance and statistics, 1997. - 336 p. 5. General Theory of Finance: Textbook / Ed. L.A. Drobozina. - M .: Banks and exchanges: UNITI, 1995. -256 p. Topic 5. Financial bases of local self-government in the Russian Federation. 1. Local finance, concept, principles of formation and use. 2. Revenues and expenditures of local budgets. 3. Fundamentals of the formation and functioning of the FFPMO (financial support fund for municipalities in a constituent entity of the Russian Federation). 4. Municipal loans. Literature: 1. Federal Law on the financial foundations of local self-government in the Russian Federation // Economics and Life. - 1997.- No. 41. 2. Pronina L.I. Legislative basis local finance // Finance. - 1998. - No. 1. 3. Pronina L.I. On local finance in the draft Budget Code//Finances. - 1998. - No. 6. 4. A.D. Barsky., A.N. Dankov. Municipal credit in pre-revolutionary Russia // Money and credit. - 1997. - No. 6. 5. Lvov N,V., Trunov S.A. Local finance and the formation of budgets of municipalities // Finance. - 1997. - No. 11. 6. Panskov V.G. On some problems of financial independence of local self-government // Finance. - 1999. - No. 3. - c.5-10. 7. Khristenko V.B. Problems and prospects of reforming interbudgetary relations // Finance. - 1999. - No. 5. - c.12-17. Topic 6. State credit. 1. The concept of public credit, the essence and economic functions. 2. Forms of state credit. Loan classification. 3. Public debt and its management. Literature: 1. International monetary and financial relations / Textbook, ed. L.N. Krasavina. - M., 1994. 2. L. Chepurina. External log of Russia // Finance and credit. - 1998. - No. 8. - c. 5-8. 3. Volozhinskaya M.O. On the issue of Russia's external debt // Finance. - 1999. - No. 4. 4. Kheifets B.A. External debt of Russia // Finance. - 1999. - No. 2. - c.22-25. Topic 7. The exchange rate of the ruble in the formation of the export-import policy of Russia. 1. Regulation of the ruble exchange rate. Domestic and foreign experience. 2. Insurance practice currency risks in export-import operations. 3. Inflation and exchange rate ruble. References: 1. Simanovsky A.Yu. Financial and banking sector of the Russian economy: issues of formation and use. - M., 1995. 2. magazines "Finance and Credit", "Money and Credit", "SOTSIS". Topic 8. Taxes in the public finance system. 1. Economic content of taxes, functions, classification. 2. The tax system of the Russian Federation, the principles of its construction. 3. Tax systems of foreign countries. Literature: 1. Law on the fundamentals of the tax system in the Russian Federation of 16.07.92. with rev. and additional 2. Chernik D. Taxes in market economy. - M.: Finance, 1997. 3. Taxes: Textbook / Ed. D.G. Blueberry. - M.: Finance and statistics, 1997. - 688s. 4. Panskov V.G. The tax burden in the Russian tax system// Finance. - 1998. - No. 11. - c. 18-24. Topic 9. Financial markets. 1. Financial market, concept, structure. 2. Financial instruments in the stock markets (government securities, corporate, municipal, derivative securities). 3. Professional participants in the RZB in Russia. 4. Objects of taxation in the stock market. 5. Foreign experience in the regulation of financial markets. References: 1. Federal Law On the Securities Market dated 22.04.96. 2. Regulations on the procedure for licensing professional types activities at the RZB // Economics and Life - 1997.- No. 41. 3. Economics: Textbook / Ed. Assoc. A.S. Bulatov. 2nd ed. - M.: BEK Publishing House, 1997. - 816 p. 4. Feldman A. B. State securities: Educational and reference guide- M.: Infra-M, 1995. - 240 p. 5. Feldman A.B. About derivative financial instruments // Finance. - 1998. - No. 11. - c. 45-49. 6. Serebryakova L.A. World experience in regulating the securities market // Finance. - 1996. - No. 1. - c. 10-17. 7. Chaldaeva L.A., Kilyachkov A.A. Financial Instruments of the Russian Stock Market // Finance and Credit. - 1998. - No. 1. - c. 8-15. Topic 10. Insurance in the system of financial relations. 1. The economic essence of insurance. The content of the basic concepts of the insurance business. 2. Branches and types of insurance. Forms of insurance. 3. Legal regulation insurance in Russia. 4. Insurance market of Primorsky Krai. 5. Fraud in insurance. Literature: 1. Civil Code RF (ch. 48). 2. Federal Law "On the organization of insurance business in Russia", 1992, as amended. and additional 3. Magazines "Insurance business", "Insurance review". Topic 11. Extra-budgetary funds. 1. Economic nature of off-budget funds. 2. Social and economic off-budget funds. 3. Income and expenses of social off-budget funds: 3.1. Pension Fund. 3.2. Social Insurance Fund. 3.3. Employment Fund. 3.4. Mandatory health insurance fund. References: 1. Law of the Russian Federation "On the Fundamentals of the Budgetary Structure and Budgetary Process in the RSFSR" dated 10/17/91. 2. Finance: Textbook / Ed. prof. A.M. Kovaleva. - M.: Finance and statistics, 1997. - 336 p. 3. Finance. Money turnover. Credit: Textbook / Ed. L.A. Drobozina. - M .: Finance. IO "UNITI", 1997. -477 p. Topic 13. Overcoming the liquidity crisis of enterprises. 1. Causes of non-payments in the Russian economy in the late 80s and early 90s. 2. Prospects for overcoming budget debt to enterprises for payment for products and services / 3. Destabilizing actions of the management of enterprises, authorities. 4. Criminalization of the financial and banking sectors in Russia in the 90s. References: 1. Simanovsky A.Yu. Financial and banking sector of the Russian economy: issues of formation and use. - M., 1995. 2. magazines "Finance and Credit", "Money and Credit", "SOTSIS". Topic 12. International finance. 1. International finance as an economic category. 2. World monetary system. 3. World market of loan capital. 4. Supranational regulation of financial and credit relations. Literature: 1. International monetary and financial relations / Uch. allowance ed. L.N. Krasavina. - M., 1994. 2. Finance: Textbook / Ed. V.M. Rodionova. - M.: Finance and statistics, 1995. - 431 p. Annex 1. Civil Code of the Russian Federation (Part Two) dated January 26, 1996 No. 14-FZ (as amended by the Federal Law dated October 24, 1997 No. 133-FZ). Chapter 48. Insurance Article 927. Voluntary and compulsory insurance. 1. Insurance is carried out on the basis of contracts of property or personal insurance concluded by a citizen or legal entity(insured) with an insurance organization (insurer). The personal insurance contract is public contract(Article 426). 2. In cases where the law imposes on the persons specified in it the obligation to insure as insurers the life, health or property of other persons or their civil liability to other persons at their own expense or at the expense of interested persons (compulsory insurance), insurance is carried out by concluding contracts in accordance with the rules of this chapter. For insurers, the conclusion of insurance contracts on the terms proposed by the insured is not mandatory. 3. The law may provide for cases of compulsory insurance of life, health and property of citizens at the expense of funds provided from the relevant budget (compulsory state insurance). Article 928 Interests not allowed to be insured. 1. Insurance of illegal interests is not allowed. 2. It is not allowed to insure losses from participation in games, lotteries and bets. 3. It is not allowed to insure expenses that a person may be forced to pay in order to free the hostages. 4. Terms and conditions of insurance contracts that contradict paragraphs 1-3 of this article are void. Article 929 contract (to the beneficiary), losses caused as a result of this event in the insured property or losses in connection with other property interests of the insured (to pay insurance compensation) within the amount specified in the contract (sum insured). 2. Under a property insurance contract, in particular, the following property interests may be insured: 1) the risk of loss (destruction), shortage or damage to certain property (Article 930); 2) the risk of liability for obligations arising from causing harm to life, health or property of other persons, and in cases provided for by law, also liability under contracts - the risk of civil liability (Articles 931 and 932);